42-4-102 - Declaration of purpose and necessity Exemption from taxation. - Tennessee Statutes

42-4-102. Declaration of purpose and necessity Exemption from taxation.

(a)  It is declared that airport authorities created pursuant to this chapter shall be public and governmental bodies acting as agencies and instrumentalities of the creating and participating municipalities, and that the acquiring, operating and financing of airports and related facilities by such airport authorities are declared to be for a public and governmental purpose and matters of public necessity.

(b)  The property and revenues of the authority or any interest therein shall be exempt from all state, county and municipal taxation.

[Acts 1969, ch. 174, § 2; T.C.A., § 42-702.]